Glossary for Moving Terms
Written by zanet copyright © 2006
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C
CAUTION
Entries on the land register protecting the interests of a third party. Any application for first registration of title is notified to him whereupon he can take appropriate action to protect his interests.
CHARGE
If a property owner uses his security in the property to service a loan, a charge is registered and certified. This entitles the lender to be regarded as a secured creditor to be paid out of the proceeds of a sale in the event of a default on the loan.
CHARGE CERTIFICATE
A certificate issued to a lender by the Land Registry giving evidence of the lender's charge over the property.
CHIEF RENT
A payment made on freehold land to the original freeholder forever. Distinct from ground rent which has a limited period.
COLLATERAL
Property pledged as a guarantee for the repayment of a loan.
COMMISSION OR FEE TO THE ESTATE AGENT
The sum of money paid to the agent, usually on or within two weeks of completion, although legally it is payable on exchange of contracts.
COMPLETION
The finalising of the sale when all the monies are passed over and the purchaser gains access to the property.
CONTRACT
Entered into by the vendor and purchaser of a property which only becomes binding on exchange of contracts, i.e. when both parties have signed the contract and the purchaser has handed over the agreed deposit (if any) to the vendor.
CONTRACT RACE
Involving two or more purchaser wanting to buy the same property. Either purchaser or vendor can instigate it although usually it is the latter. The winner is the first purchaser to exchange contracts.
CONVEYANCING
The legal process transferring ownership from vendor to purchaser.
COUNTY COURT JUDGEMENT (CCJ)
Whenever someone fails to pay for something and is subsequently taken to court, the magistrate may issue a County Court Judgement against that individual to pay the outstanding debt. It will only be removed once the debt is cleared.
COVENANT
A legal requirement of the owner to do, or not to do, something in relation to the property. For example; restrictions on its use, changes to its appearance.
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D
DEEDS
All the legal documents relating to the property.
DELAYED COMPLETION
Completion can take place anytime after exchange of contracts. However, if it is longer than 28 days it is referred to as delayed.
Costing a buying to let
The backbone of success as a propert developer has to be the calculation of profit. So many decide that profit is only adding up the costs of what you want to include and not what you actually spend. Costs include interest on bank loans and mortgages. Costs also include the stamp duty and legal fees.
To make life easier we have a buying to let profit calculator for you here
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